this post was submitted on 24 Sep 2023
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It's a broken market because it's a rigged market. For all my endless harping, I don't think capitalism is pure evil. I think crony capitalism, and I believe that is what it means when we talk about "late stage capitalism," certain winners are allowed to buy the rule makers, which concentrates wealth, which allows more spending on rule makers, etc etc.
If we had guardrails, capitalism could do what it's supposed to - See a need/want, meet that need/want, make a reasonable amount of money which gets spent on other needs/wants.
How is crony capitalism different from regular capitalism?
Capitalism is based around the possibility of financial and social mobility and uncontrolled market. The concentration we see today goes against this idea. I'm about to respond my original conclusion about socialism in another comment, but I start to think we went too large scale here too, and some balancing is needed.